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| Title: | 台灣證券商之效率及生產力分析－Hicks-Moorsteen生產力指數之應用
Efficiency and productivity analysis of Taiwanese securities firms－an application of Hicks-Moorsteen productivity index |
| Authors: | 陳鈞揚
Chen, Jyun-Yang |
| Contributors: | 李文福
Lee, Wen-Fu
陳鈞揚
Chen, Jyun-Yang |
| Keywords: | 效率
生產力
規模效率
證券商
Hicks-Moorsteen TFP 指數
Malmquist TFP 指數
Efficiency
Productivity
Scale efficiency
Securities firm
Hicks-Moorsteen TFP index
Malmquist TFP index |
| Date: | 2018 |
| Issue Date: | 2018-09-03 15:57:36 (UTC+8) |
| Abstract: | 本研究使用 2012 年至 2016 年，台灣共 42 家綜合券商資料，進行效率及生產 力分析。主要應用 Hicks-Moorsteen 總要素生產力(total factor productivity, TFP) 指數及其拆解項，針對四個部分的效率及生產力進行研究，分別為:台灣整體證券 業、個別券商比較、外生變數影響，最後再與目前文獻上較多人使用的 Malmquist TFP 指數進行統計檢定，觀察其有無顯著差異。
實證結果顯示台灣證券商市場近幾年的生產力成長是緩慢的，生產力效率低 落的關係減緩了整個台灣證券商產業的生產力成長，在台灣整體證券業及個別券 商比較的實證都歸納出改善規模效率的重要性。外生變數影響的實證則發現:外商 券商與否對提升效率有正向關係的顯著性;業務集中雖然對商品組合效率有正向 影響，卻對生產力有負向影響;增加資本額對效率及生產力有負向關係;提高市佔 率雖然對生產力有正向影響，不過卻對規模效率有負向影響。最後一個部分的實證 則顯示此樣本在 Malmquist TFP 指數與 Hicks-Moorsteen TFP 指數沒有統計上顯著 的差異，然而若只觀察其進退步的差異，還是有一定的比例。
This study adopted the sample from 2012 to 2016 of the 42 integrated securities firms in Taiwan. This paper mainly uses Hicks-Moorsteen total factor productivity(TFP) and the decomposition to analyze the 4 parts of efficiency and productivity, includes: the overall securities industry in Taiwan, the comparison of individual securities firms, the influence of exogenous variables, and then do the statistical test to observe whether there is any difference between Hicks-Moorsteen TFP index and Malmquist TFP index. Malmquist TFP index is the most common index used by the literature of efficiency research.
The empirical results show that the productivity growth of the securities industry in Taiwan was slow because the weak of the efficiency of productivity slow down the productivity growth. The empirical results of the overall securities industry in Taiwan and the comparison of individual securities both sum up the importance of improving scale efficiency. The empirical evidence of the influence of exogenous variables shows that foreign securities firms have a positive relationship with the improvement of efficiency; while business concentration has a positive impact on the efficiency of commodity portfolio, it has a negative impact on productivity; increasing capital has a negative relationship with efficiency and productivity; increasing market share has a positive impact on productivity, but it has a negative impact on scale efficiency. The last part of the empirical evidence shows that this sample has no statistically significant difference between Malmquist TFP index and Hicks-Moorsteen TFP index. However, the difference between the progress and regress is still in a certain proportion. |
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| Description: | 碩士
國立政治大學
經濟學系
105258018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105258018 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ECONO.020.2018.F06 |
| Appears in Collections: | [經濟學系] 學位論文
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